State-owned Punjab National Bank (PNB) has received Competition Commission of India’s (CCI) approval to buy 30 percent stake in MetLife India Insurance Company. Both PNB and MetLife India had approached the fair trade regulator for approval on December 7, 2012.
CCI, in its order on December 26, noted that operations of PNB and MetLife India are not similar or identical. PNB provides services to MetLife India as a distribution agent, the share of MetLife India in the business of life insurance is relatively insignificant and is not likely to raise any adverse effect on competition in India.
